Astra Steelworks Pty Limited has received a letter of intent from FÉMIKSZ, a wire manufacturing and nail producing company in Hungary, to purchase steel products manufactured using the T Steel technology.
The amounts planned for purchase, upon an acceptable negotiated price, include 35,000 tonnes per annum of the grades produced according to the T1 and T2 technologies and 500 tonnes per annum from the grade produced according to the T7 technology.
Dr Jaydeep Biswas CEO of Astra Mining said that the many advantages of the T1 to T9 first grade steels were the driving force behind FÉMIKSZ's decision to approach Astra. He added that "Astra has commissioned several thorough reports that conclusively support the numerous benefits of the first grade steels produced using the T-Steel technology, when compared to traditional steels."
Dr Biswas said that "The production of T Steel involves special and specific production processes which include micro alloying technology and the results are much improved physical characteristics such as higher tensile strength, better machinability and higher fatigue limits. Considerable savings can be realized during the manufacturing process in terms of manufacturing costs versus energy input and reduced CO2 emissions by up to 50%."
FÉMIKSZ also aims to diversify its product line and break into new markets by the introduction of T Steels.
Ms Silvana De Cianni MD of Astra said that one of the most significant factors in the application of the T Steel technology is that factories already producing certain steels, for example stainless steels, do not necessarily require expensive upgrades and investments in extra equipment should they wish to introduce the technology.
She added that "T Steel technology aims to make it possible to deliver the most economic benefits to standard, construction oriented average or older steel mills, who would be able to manufacture a number of T Steel products cost effectively, and thus enter different and more profitable markets. Astra has also released details of a high end technology contained in the IP owned by Astra which contains the production specification and manufacturing technology of premium grade, high category, high purity, high durability, long life, ball bearing steel, suitable for applications for aerospace industries and nuclear plant components and turbine manufacturing."
